After Monday’s breakout session that fizzled out late in the day, Bitcoin and the broader market had a mixed session this morning.
At the time of writing, Bitcoin, BTC to USD, was up by 0.53%to $37,468.8.
A mixed start to the day saw Bitcoin rise to an early morning high $37,525.0 before hitting reverse
Falling well short of the first major resistance level at $40,166, Bitcoin fell back to an early morning low $36,418.0.
Steering clear of the first major support level at $34,804, however, Bitcoin found early support to return to $37,000 levels.
The Rest of the Pack
It has been another mixed morning for the broader crypto market.
At the time of writing, Crypto.com Coin was down by 2.09% to lead the way down.
Litecoin (-0.75%) and Polkadot (-1.16%) also bucked the trend early on.
It has been a bullish morning for the rest of the majors, however.
Through the morning, Chainlink was up by 3.00% to lead the way once more.
Bitcoin Cash SV was flat for the morning, however.
Through the early hours, the crypto total market rose to an early morning high $1,465bn before falling to a low $1,417bn. At the time of writing, the total market cap stood at $1,464bn.
Bitcoin’s dominance fell to an early low 48.03% before rising to a high 48.43%. At the time of writing, Bitcoin’s dominance stood at 48.05%.
For the Afternoon Ahead
Bitcoin would need to move through the $37,699 pivot to bring the first major resistance level at $40,166 into play.
Support from the broader market would be needed for Bitcoin to break back through to $40,000 levels.
Barring a broad-based crypto rally, the first major resistance level and Monday’s $40,595.0 would likely cap any upside.
In the event of another extended crypto rally, Bitcoin could test resistance at $45,000 before any pullback. The second major resistance level sits at $43,061. Bitcoin would need plenty of support, however, to breakout from the 38.2% FIB of $41,592.
Failure to move through the $37,699 pivot would bring the first major support level at $34,804 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$35,000 levels, however. The second major support level sits at $32,337.
Looking beyond the support and resistance levels, we saw the 50 EMA flatten on the 100 and 200 EMAs this morning. This led to the relatively range-bound session, with Bitcoin failing to break back through to $40,000 levels.
We saw the 100 EMA pull away from the 200 EMA, however, providing support to Bitcoin and the crypto bulls.
A further narrowing of the 50 on 100 and 200 EMAs this afternoon would bring sub-$36,000 levels into play.
Key going into the afternoon will be for Bitcoin to break through to $37,699 pivot to bring resistance levels into play.
Following late Monday’s reversal, Bitcoin would need to avoid sub-$35,000 levels else face a sharp pullback.